Magic loop is not really that hard. I like it because I only need one length (29inch) per size for everything that I do. I haven't looked at the u-tube video (I am at work and draw the line somewhere

)
The easiest way that I have found is to place all of your stiches on the needles connect and split in half.
At this half way mark you need to pull the excess needle cable through between the stitches. It will look like you have half of your stitches on your left needle, excess cable, remaining stitches on some of the cable, and right needle free to do the knitting.
Knit to the end of the stitches on the left needle, when you get to the end, pull the excess through the end and set the stitches up on the left needle again and repeat.
I know that it sounds really confusing but it is really easy once you get the hang of it. I have "magic looped" everyhting from leg hole on the soakers to the soaker it self. You can even do socks using the magic loop method.
If you have the time it may be helpful for you to cast on and just play until you have the hang of it. I don't think it would take you that long.
GOOD LUCK!